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Advanced Petrochemical's net profits drop 21.5% in 2020

Advanced Petrochemical's net profits drop 21.5% in 2020
The company has generated revenues of SAR 2.231bn
ADVANCED
2330
-2.10% 65.30 -1.40

Riyadh – Mubasher: The net profits after Zakat and tax of Advanced Petrochemical Company declined by 21.51% to SAR 596 million in 2020, compared to SAR 759.31 million in 2019.

Lower net profits are driven by a decrease in polypropylene sales prices and sales volume by 12.2% and 2.1% respectively, according to the company's estimated financial results for the period ended on 31 December 2020.

In addition, the share of profit on investment in SK Advanced Co, an associated company in South Korea, reduced by 55.1% in 2020.

The company has generated revenues of SAR 2.231 billion last year, down 14.01% from SAR 2.594 billion in the earlier year.

The earnings per share (EPS) settled at SAR 2.753 in 2020, against SAR 3.508 in 2019.

It is noteworthy to mention that during the third quarter (Q3) of 2020, the company recorded SAR 156 million in net profits, down 26.8% from SAR 213.12 million in the year-ago quarter.